More pink slips at Oxygen
- 30 March, 2001 12:12
Women's cable-and-online network Oxygen Media is handing out pink slips Thursday to 35 employees in its online division, including the head of online operations and the head of flagship site Oxygen.com.
The action is being taken streamline the company's online operations amid an industry-wide advertising slowdown that has crimped revenues at both traditional and new-media firms, a company official said.
Oxygen currently employs 650 people. A company spokeswoman was unable to say how many worked for Oxygen's online operations.
A source familiar with the situation characterized the cuts as having a significant impact on the company's online operations. The layoffs did not affect any employees of the company's cable network.
Thursday's restructuring is the second for Oxygen, which was founded three years ago by former Nickelodeon network head Geraldine Laybourne. In December, the company eliminated about 65 online positions and shut down its Seattle office. Oxygen consolidated its online operations in New York City.
The December layoffs came just a day after the struggling network announced a surprising $100 million round of financing from investors that include Paul Allen's Vulcan Ventures.
At the time, the company remained committed to its original mission of creating a multimedia platform for women's content. "We continue to believe that the Internet is made for women and that our future is built on the convergence of both TV and online," Laybourne said in December.
All told, nearly US$400 million has been invested in the company since its inception.